Today, over half of American adults own smart phones and want to use them for shopping: 48% of people use or would like to use a Smartphone to shop while in-store or on the go (Cisco 2013). Within five years, half of today's smart phone users will be using mobile wallets as their preferred payments method. (Carlisle & Gallagher Consulting Group, 2012)
The mobile payment industry suffers from several structural problems and bad user experience:                Users cannot make purchases without their wallets        Drivers often struggle to find quarters to pay for parking meters        Youth can only make cash payments        Buyers in overseas countries often have to incur large transaction fees in order to receive a wire transfer from a sponsor and make a local purchase        Plastic card theft and fraud is a major problemCurrent payment technologies are point solutions that cannot scale to multiple mediums:        NFC, QR codes and credit cards work well with point of sale (POS) terminals        Credit cards work well with POS, web/cloud and over the phone payment        PayPal works well with web        Square works well with merchant mobile terminal-as-POS        None of the current payment technologies works with interactive TV, mobile apps or parking meters.        
Thus, there is a need for a new wireless point-to-point payment method that enables payment by anybody—youth, overseas people, and adults—to any receiver on any platform—online and off-line.